Bywater LLC has two more weeks until the next council meeting to finalize a bond agreement or else Phase 2 of the project gets bumped to next year.
The Town Council of Crested Butte has opted to give the developer of affordable housing units in the Paradise Park subdivision another two weeks to finalize a bond for Phase 2 of the project. Bywater LLC’s Joel Wisian appeared at Tuesday night’s council meeting “with the hail mary in hand,” according to council member Will Dujardin.
Bywater hit a major roadblock in July when the Council delayed voting on an ordinance that would have transferred the land to Bywater and initiate Phase 2. Town staff cautioned the council that Bywater had yet to obtain a $6 million bond because of a unique arrangement that had the company both owning and developing the parcel. At the Council’s July 15 meeting, Wisian explained that arrangement was unheard of in the bond industry.
Town staff, including attorney John Sullivan, recommended not moving forward with the ordinance; however, the Council opted to give Bywater — who say they are under budget and ahead of schedule on Phase 1 of the Paradise Park Project — until the Aug. 6 meeting.
Showing even more good faith to the developer, Town Council again went against the recommendation of staff and afforded Wisian another two weeks to finalize a bond, which would protect the Town’s interests in the event that Bywater is unable to complete the project.
“We hadn’t had time to review or anything so we’re giving him until the next Council meeting or basically the end of August,” said Dujardin.
“If he gets this done in two weeks like he says he will everything will be back on track, back to normal. Otherwise, we’re going to have to send out a bid to finish the rest of the project next year.”
Phase 2 of the Paradise Park project comprises ten deed-restricted units for purchase by local employers as a way of ensuring housing for their staff. The Council will revisit the issue on Monday, August 19 at their next regular meeting.